ELF Loan Agreement Template

AND (your name)________________________

I, _________________________, (lender), agree to loan $ _________to CRSP’ Ecological Revolving Loan Fund (ELF) for use in (check one or more):

_____   The pre-development expenses for the redevelopment of the auto shop and café property at 3554/3560 W. First St.  (Working Project Title:  Raisin’songs)

_____   To pay back current lenders at the expiration of their loan periods.

_____   To provide seed capital for green business and organization development within L.A. Eco-Village, or a specific LAEV project (circle those that apply):    LAEV Family Child Care          Veggie Café      Food Lobby Co-op          Small co-op oriented green businesses associated with 3554 W. First St.

_____   Any or all of the above.

Term of the loan is (check one or more): __3 months      ____1 year     __2 years     __5 years         __Other           __To be reviewed annually (CRSP will check in with you each year within a month before your loan start date month).

The interest rate shall be 1.5% at this time (2017) and will be on a simple interest basis. CRSP shall pay me the interest amount every three months starting at the end of the first full quarter after the loan has been deposited by CRSP. CRSP-ELF may negotiate other payment options to be included on this agreement or as a future amendment to this agreement by mutual consent with the lender.

At the end of the initial loan period, the full principal will be due from CRSP along with the then-due interest payment. At the end of the initial loan period, also, I (the lender) will have the option of renewing the loan on a simple-interest or amortizing basis at an interest rate and term to be determined at that time between CRSP and lender.

In the event that CRSP decides to pay back the loan in part or full prior to the full term of the loan, there will be no interest penalty. In the event that I (the lender) must have my loan paid back prior to its due date, arrangements may be made with CRSP without penalty to me. Generally between 30 and 90 days notice is required for early paybacks, depending on the size of the loan.

Please let CRSP know if it is okay to publicly identify you as a CRSP-ELF lender:   ___ Yes         ___ No

Please let CRSP know if it is okay to have other potential lenders contact you for reference purposes:
___ Yes         ___ No

Agreed: Lender


Date: _______________

City, zip code_________________________________

Phone no., email address:  _______________________________________________

Agreed by: CRSP:_______________________________________________________
Signature: Lois
Arkin, Executive Director, CRSP Corporate Treasurer                               

Make checks out to CRSP. Mail to:
CRSP Attn: Lois   117 Bimini Pl., #221     Los Angeles 90004

More info:  www.laecovillage.org      crsp@igc.org or call Lois Arkin 213/738-1254       

 Updated September 2020

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